Xyz software development journalize transactionsxyzs

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Reference no: EM13358201

XYZ Software Development: Journalize transactions

XYZ's Software Development Division (SDD) has developed several architectural design software packages. One software package that they have developed is being sold to an English Company for $310,000 or 385,000 pounds. The cost of developing the software was $255,000. As payment, XYZ has accepted a note receivable that is due in 5 years.

SDD has also developed a second software package. They incurred development costs of $500,000. They are trading this software package in exchange for a small office building. The fair market value of this building is $675,000.

In an Excel spreadsheet, make the appropriate accounting entry on XYZ's books for each software sale. Include a discussion about the accounting issues involved for each sale.

Use $285,000 as the discounted value of the note receivable.

Reference no: EM13358201

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